With barely a week left till the July 31 recapitalisation deadline, Nigeria’s insurance sector has entered its final stretch. Underwriters and operators are working round the clock to clear final capital verifications, secure regulatory approvals, and close last-minute funding rounds required to meet the laid-down capital thresholds.
This phase of the exercise has exposed a sharp divide across the market. While a significant cohort of operators has comfortably secured and verified their expanded capital base, others are waiting for regulators to validate their newly injected funds. Moreso, the deadline sets the stage for a potential industry shakeup in the coming months, with undercapitalised firms bracing for mergers, acquisitions, or direct regulatory intervention.
Industry sources estimate that insurers have collectively raised close to N300 billion since the recapitalisation programme commenced, while capital verification has been completed for about 50 of the industry’s 58 insurance companies, reflecting strong investor appetite for the sector despite Nigeria’s challenging macroeconomic environment.
A senior official at the Nigerian Insurers Association (NIA), who requested anonymity, said, “I am aware that many of the insurance companies have met the capital requirement and will be announced once the deadline expires.”
